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The Impact of Your Union College
Scholarship
B
CONTENTSScholarship Support ........................1
Scholarships & Financial Aid ........ 2
Union’s Vision .................................. 4
Endowment Gifts ............................ 6
In Appreciation ................................ 8
1
SCHOLARSHIP SUPPORT
Since its inception, the College continues to appeal
to driven, talented individuals who choose Union
above other elite institutions. As they have in the
past, today’s young scholars infuse the campus
with energy. Their academic passions and pursuits
are matched only by their drive to be community-
minded, socially active people who create positive
change in the world.
We welcome and applaud their fervor. We support
their ambitions with state-of-the-art facilities
and world-class faculty who often become
personal mentors. We offer cutting-edge research
opportunities that inspire discovery in diverse
fields, and an educational vision that integrates
liberal arts, science and engineering. The result is a
truly transformative living and learning experience
that propels our students to ever-greater heights of
success.
In today’s uncertain economic climate, however,
the most gifted and motivated students are not
always able to afford the cost of a Union education.
One of our greatest challenges is ensuring this
remarkable experience remains affordable and
accessible to all students and their families.
W. Howard Wright (1895) Chemistry ScholarshipsHeather Ward from the Wright Family Foundation and scholarship recipient Jennifer Sexton ’15
Union College has a tradition of attracting exceptional
students who go on to exceptional futures.
2
400+Named endowed scholarships
More than
$60 Millionin aid comes from Union’s own
resources and from federal, state, institutional and other agencies
$60,240Comprehensive fee
for fiscal year 2014–15 (tuition, fees, room, board)
$32,000Average need-based
scholarship
$10,000Average
merit award
More than
$39 Millionin scholarships
are awarded directly from Union each year
More than 60% of all Union students receive some kind of financial assistance from Union
SCHOLARSHIPS & FINANCIAL AID
3
About Financial Aid at Union
Union College meets the full demonstrated need of all students we admit.
Furthermore, we aim to accept highly qualified students, regardless of their financial
circumstances. In recent years we’ve experienced an increase in the number of
students seeking financial assistance, as well as an overall increase in the level of
financial need of our families. Even academically talented, low-need students are
being enticed to enroll elsewhere with more generous merit scholarships. The
availability of a scholarship often can make the difference in a student’s decision to
attend Union over another school. Expanding our financial aid budget is one of our
highest institutional priorities.
Thanks to your generosity, Union College has been able
to continue its commitment to making a Union education
affordable through scholarship support.
“The total number of Union students requiring
financial assistance is now over 60 percent.
Thanks to your generosity, we recently added
142 new scholarships through the You are
Union Campaign to address the $39 million
needed in current financial awards for
students. Containing costs, applying resources
strategically and continuing to increase the
number of endowed scholarships we offer will
make us more affordable, more accessible, and
more competitive. Together, we can continue to
steward our College toward a future as great as
its rich and historic past. Thank you for helping
to ensure the Union experience is available to all
of our qualified students.”
– TERRI CERVENY
Vice President for College Relations
The Guy Christopher Logan ScholarshipScholarship recipient Ricco Pierre ‘16 and Guy Logan ‘90
4
“Currently, Union has the largest student
body in our history and the recent
application pools have been our most
selective. The quality and diversity of
students at Union are at all-time highs. So
much of this success can be tied to our
alumni, who have given so generously
to scholarships for these outstanding
young people. Without an aggressive and
supportive financial aid budget, none of
this would be possible.”
– MATTHEW MALATESTA ’91
Vice President for Admissions,
Financial Aid & Enrollment
UNION’S VISION
The Class of 2018 is one of the most selective classes to date.
5,406Applications
41%Admit Rate
5
Class of 2018 | 70% of students were in the top 10% of their high school class
Class of 2018
Total applications 5,406
Enrolled 570
Admit rate 41%
Early decision students 40%
Male/Female 54/46%
High school rank—Top 10% of class 70%
Students of diverse backgrounds 19%
International students 7%
Students & Faculty
Full-time undergraduates 2,133
States and territories represented 40
Countries represented 40
Student-to-faculty ratio 10:1
Faculty members 213
Ph.D. faculty or highest degree in field 96%
A Message from President Stephen C. Ainlay, Ph.D.
You embody Union’s vision.
You make its academic, cultural and philanthropic
missions possible with the support you give
our thinkers, do-ers and change-makers—our
students. Your generosity allows ambitious and
gifted young people to attend this wonderful
institution. You are changing their lives, and by
extension, the world.
Their success is your success.
You invest in students you do not know. Perhaps
it is your gratitude for the education that you
received here at Union, or perhaps it is your belief
that giving back is giving forward. Whatever your
motivation, you’re making a difference to these
members of the Union family.
Thank you for joining generations of alumni,
parents and friends in strengthening the Union
College tradition of nurturing and enabling
excellence of the highest caliber.
6
ENDOWMENT GIFTS
The minimum gift amount to establish an endowed scholarship
$50,000 75%Tuition and fees paid by students cover only 75% of Union’s instructional
and operating costs
7
Endowed scholarships
will not only make a
profound difference in
a student’s life, but are
also critical to Union’s
competitive position.
Endowments: Ensuring a Competitive Edge
Securing additional support for Union’s financial
aid and scholarship programs—through
endowment gifts—is one of the most important
and lasting ways to support the College and
generations of students. Tuition and fees paid
by students cover only 75 percent of Union’s
instructional and operating costs. The difference
is met with income from the endowment and
with philanthropic gifts from individuals and
organizations. New scholarship endowments
contribute to the College’s financial strength by
relieving the upward pressure on tuition and
by allowing the College to allocate unrestricted
funds to other institutional priorities. With these
critical resources, the College is able to reduce
the role that cost plays in a student’s college
decision, thereby allowing us to better leverage
our inherent curricular advantages. Endowed
scholarships will not only make a profound
difference in a student’s life, but are also critical to
Union’s competitive position.
In fiscal year 2014, the endowment performed
exceptionally well with a return of 17.9 percent.
The market value grew to approximately $416
million. Despite the significant allocation to
alternative investments and private equity funds,
the College’s endowment continues to be highly
liquid, with approximately 50 percent of the value
available within 90 days or less.
Stephen C. & Judith Gardner Ainlay Endowed ScholarshipScholarship recipient Gabriela Villaran ’17 with President and Mrs. Gardner Ainlay
8
IN APPRECIATION
”Financial aid and scholarship
support are extremely important
to me and my family because,
without it, I probably would not
have been able to go to college.”
– Ricco Pierre, ’16
9
student recipient appreciation
Over 400 named endowed scholarships
have donors or family members who
receive written information about their
scholarships, as well as thank you letters
from their student recipients.
Celebrating Scholarships
In appreciation for endowed scholarship gifts,
donors are invited to attend Union’s Annual
Scholarship Reception, during which we
bring together scholarship recipients and their
benefactors in a celebration of philanthropy. More
than 300 students, donors, trustees and friends
attend. The reception allows our students and
donors the opportunity to meet face-to-face and
often marks the beginning of a lasting student-
donor connection. Students enjoy the opportunity
to further express their appreciation and share the
meaningful impact that their scholarships have
had on their lives.
In addition, each year donors receive written
information on their scholars and the status of the
endowed funds. Information on scholarships is
also included in the Academic Register in order
to further recognize our donors’ generosity and
extraordinary commitment to educating future
generations of Union students.
“These experiences were only possible because of your generosity, and for that I will be forever grateful.” – Joseph Maher ’15
“The assistance and support that your scholarship provides me and my family is life-changing.” – Joshua Rose ’14
“Your scholarship is the reason I have accomplished what I have thus far at Union.” – Thomas Michael Kolb ’15
“Your scholarship has strongly contributed to my opportunity to attend Union College.” – Ashley Barnes ’14
“I would like you to know how much your generosity has impacted my life and future.” – Lazaren Llakmani ’17
“Thank you for making this experience accessible; your kindness is an inspiration.” – Megan Reynolds ’16
“My only message to any of the recipients is that
when they graduate and achieve some level
of success, they contribute to the College, no
matter what amount, so that people who follow
in their footsteps may also have the financial
support to allow them to attend Union.
If it were not for financial aid made available
by graduates who preceded me, I would never
have been able to attend Union.
Thank you for the letter and I wish you
continued success, both at Union College
and in whatever future endeavors you pursue
following graduation.”
– ROBERT M. DEMICHELE ’66 Donor response to student thank-you letter
10
“You make such a difference.
One day, I hope to do as you do
and give back to this prestigious
college the way that you have.”
CLASS OF 2015
Shanice WilsonCOMPUTER SCIENCE
Pompano Beach, Fla.
Union College continues to prove itself a place where I can be anything I want to be. Opportunities continue to present themselves to me and I am honestly just in awe. Though small, Union is definitely mighty.
This incredible institution is really a pioneer when it comes to pairing liberal arts with the sciences and engineering. Not only have I changed my major from mechanical engineering to computer science, as I have found a love in programming and hardware design, but I have also declared a minor in Spanish. Only at Union would I feel comfortable doing both because that is what is encouraged. In such a competitive field, having another language under my belt is significant. I spent a mini-term in Cordoba, Spain, where I studied the technology and history of Cordoba through time. I was able to use my language skills and analyze great historical monuments with my technological background.
Apart from my new academic interests, I have become a leader in the Union community. At the beginning of this academic year, I became president of an organization that is very important to me: Big Brother Big Sister. I am extremely proud and happy that I can lead this organization and match less fortunate and neglected children with Union College mentors. Of course, I maintain my other interests and am still involved in Delta Delta Delta, Concert Club, and Spanish Club. My latest news is that my research in the physics department is in the process of being published—I will be a co-author of a scientific paper!
I would have never dreamed of such things. I would not be here if it were not for the Goldman Scholarship.
These programs and opportunities would not have been available to me if it were not for your generous donation. I cannot thank you enough for supporting Union College annually. Your continuous gift is enabling students like me to pursue dreams that they did not even know they could have. This gift affords students like me the opportunity to learn from the very best professors in the very best facilities.
I am so grateful for your constant belief in this institution. You make such a difference. One day, I hope to do as you do and give back to this prestigious college the way that you have.
Endless thanks,
11
CLASS OF 2017
Lazaren LlakmaniECONOMICS
Hebron, Conn.
As a recipient of your scholarship, I would like you to know how much your generosity has impacted my life and future. I was born in the small European country of Albania, and won a green card lottery to come to America in 1997. My parents left behind everyone and everything they knew so that my sister and I would be able to get a better education in America. However, a college education comes with a price tag and is not an option everyone can afford. Therefore, I am forever grateful to you for making my attendance at Union College possible. If it were not for your scholarship, I would not be where I am today.
My time at Union College so far has been unforgettable and I am sure the rest of it will be filled with memories to cherish for a lifetime. I am currently a declared economics major and am considering pursuing a career in international affairs. The economics staff has been nothing short of amazing and I am looking forward to learning more in my field of study. Furthermore, I plan on studying Japanese and hope to go on a term abroad in Japan as a junior. When I am not studying at Schaffer Library, you can find me playing soccer or keeping in shape at Alumni Gym.
Even though I have only been at Union for a short amount of time, I already feel like I am part of a family. The connections and friendships I have built with teachers and colleagues alike have prepared me with the social and leadership skills I need for the real world. Again, I would like to express my most sincere gratitude to you for your continued support to Union College. I will continue to work hard to achieve my goals and be the person I have always wanted to be—an ambition made possible by you.
Sincerely,
“I will continue to work hard to
achieve my goals and be the person
I have always wanted to be—an
ambition made possible by you.”
12
Endowment Growth (In Millions) The endowment performed very well in fiscal year
2014 with a return of 17.9 percent. The market
value grew to approximately $416 million.
$400
$350
$300
$250
$200
$150
$100
Endowment Asset Allocation The College’s Investment Committee of the Board
of Trustees makes prudent choices when investing
the College’s money. The Committee invests the
endowment with external investment managers.
Investment considerations include asset allocation,
liquidity, diversification, economic conditions, etc.
Your scholarship is a permanent gift to the College. Union’s endowment is carefully invested and managed to
use the annual investment earnings to support the College and to protect the principal.
Union College spends approximately 4.6 percent of the 3-year average market value of the total pooled
endowed fund each year to support its students, faculty, programs and facilities. Donors who support the
endowment, either in their lifetime or through their estate, create a permanent legacy that enables Union to
educate young men and women who are poised to make a difference in the 21st century.
Endowment Account An endowment account is established when a
donation to Union College requires gifts to be
maintained in perpetuity. This means that the
original gifts deposited into the endowment
fund will be invested as part of the entire pooled
endowment (similar to how a mutual fund is
invested) and cannot be spent. The total return
generated from the investment, which includes
dividends, interest, realized and unrealized gains,
is used to support the endowment’s purpose,
based upon the Board-approved spending policy.
A prudent spending formula determines how
much available investment revenue to award
each year.
Principal The Principal (also known as Book Value) is the
actual cash value of all gifts received to date, since
inception of the endowed fund. The principal is
listed at the beginning of the fiscal year (July 1) and
again at the end (June 30).
Market Value Similar to a mutual fund, gifts deposited into
the College’s endowment buy shares of the
College’s endowment. The Market Value of each
endowment account is determined by the number
of shares held. Each account receives a pro rata
share of the total endowment market value,
calculated on June 30th each year.
Understanding Your Endowment Report
Union College Endowment
02/03 03/04 04/05 06/07 07/08 08/09 09/10 10/11 11/12 12/1305/06 13/14
30.2% Equities (US)
8.1% Equities (non US)
11.3% Fixed Income (US)0.2% Cash
21.3% Hedge Funds
10% Private Equity
0.6% Venture Capital
18.1% Other Alternative Strategies
“You make Union’s academic, cultural and
philanthropic missions possible with the support
you give our thinkers, do-ers and change-makers
—our students. Your generosity allows ambitious
and gifted young people to attend this wonderful
institution. You are changing their lives, and by
extension, the world.”
–President Stephen C. Ainlay, Ph.D.
Office of Donor RelationsAbbe Hall
807 Union StreetSchenectady, NY 12308
PHONE: 518-388-6180 w w w. u n i o n . e d u